Updated

US existing home sales fell in October to 3.75 million, their lowest level in more than 16 years, according to the National Association of Realtors. That was an 8.8% decline from a year earlier. PBS NewsHour reported that rising housing costs are squeezing Americans out of the market, and said the average rate on a 30-year fixed mortgage was about 7%, which Stephanie Sy described as the highest in nearly a generation. PBS NewsHour profiled buyers and sellers. Chester Carl Bostek of Montrose, Colorado, wants to relocate to sea level for health reasons and is considering letting a buyer take over his 2.5% VA loan. Leslie Shipman of Ridgewood, Queens, is saving for a down payment but cannot afford to buy in New York, so she is looking at other East Coast cities. Christian Lien of Des Moines, Iowa, said the amount he was prequalified for had dropped while his home's appraised value had risen 40 to 50 percent. Jessica Lautz of the National Association of Realtors said home building has lagged since the Great Recession and that many owners with low-rate mortgages are reluctant to move. She expected interest rates to stay near their current level.